8) New York St Thruway Auth (New York St Pers Income Tax) Series 2011A 5.00%, 3/15/26

3.14%

9) New York NY Trnsl Fin Auth Series 2002B 5.00%, 2/01/27

3.13%

10) New York NY Trnsl Fin Auth 5.00%, 5/01/27

3.11%

Sector/Industry Breakdown

Portfolio %

Tax Supported

Special Tax

33.42%

Local G.O.

12.58%

Tax-Supported State Lease

5.56%

State G.O.

2.32%

Assessment District

0.42%

SUBTOTAL

54.30%

Revenue

Health Care - Not-for-Profit

10.91%

Water & Sewer

10.40%

Toll Roads/Transit

8.23%

Airport

5.05%

Higher Education - Private

3.66%

Electric Utility

1.97%

Senior Living

1.69%

Industrial Development - Industry

0.47%

Industrial Development - Utility

0.21%

SUBTOTAL

42.59%

Asset-Backed

Housing - Multi-Family

1.78%

Housing - Single Family

1.18%

SUBTOTAL

2.96%

Cash Equivalents

Investment Companies

0.11%

SUBTOTAL

0.11%

Prerefunded/ETM

0.04%

Total

100.00%

State Breakdown

Portfolio %

New York

91.64%

Puerto Rico

6.48%

California

0.87%

Colorado

0.42%

Illinois

0.27%

Ohio

0.21%

Other

0.11%

Total Investments

100.00%

Credit Quality Breakdown

Portfolio %

AAA

28.76%

AA

44.83%

A

13.84%

BBB

9.95%

BB

0.47%

Not Rated

2.00%

Pre-refunded Bonds

0.04%

Short Term Investments

0.11%

Total Investments

100.00%

Portfolio Statistics:

AMT Percentage:

9.34%

Average Coupon:

5.37%

Percentage of Leverage:

Bank Borrowing:

0.00%

Investment Operations:

0.00%

Preferred Stock:

35.40%

Tender Option Bonds:

3.64%

Term Asset-Backed Loans Facility (TALF):

0.00%

Total Fund Leverage:

39.04%*

Average Effective Maturity:

6.70 Years

Effective Duration:

5.83 Years

Total Net Assets:

$115.27 Million**

Common Stock Net Asset Value:

$15.40

Number of Holdings:

68

Portfolio Turnover:

15%

* The total percentage of leverage constitutes 3.64% through the use of tender option bonds, 35.40% in issued and outstanding preferred stock and 0.00% in investment operations, which may include the use of certain portfolio management techniques such as credit default swaps, dollar rolls, negative cash, reverse repurchase agreements and when-issued securities.

** Includes 40,800,000 of preferred stock at liquidation value.

The foregoing portfolio characteristics are as of the date indicated and can be expected to change. The Fund is a closed-end U.S.-registered management investment company advised by AllianceBernstein L. P.

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